Buying vs. Leasing
Weighing your Options: Buy or Lease your next vehicle?
If you’re in the market for a new car, you know what a big decision is before you. A car is an important piece of your life, so picking the right purchase option is just as important as picking the right car. In order to help you through the process, we’ve put together some things to keep in mind if you are looking between buying or leasing your next vehicle.
While the monthly payments will be higher due to interest rates, the car will belong to you (as long as you maintain your monthly payments!). Since the car belongs to you, you can maintain ownership as short or as long as your desire. You will also be in charge of any service costs that aren’t covered by warranty, but can accessorize and modify the vehicle as desired.
The monthly payments for leasing will be lower than buying, but will have yearly restrictions on mileage and will be charged per mile for anything over. The length of a lease is typically for the duration of the bumper to bumper warranty, but you will still be responsible for the routine maintenance costs. With car technology advancing ever increasingly, with a lease you can upgrade to the latest car with the latest car tech every two or three years. At the end of your lease if you decide, you can purchase the vehicle at its depreciated value.
If you would like more information about either the process of buying or leasing your next vehicle, come see us at Pine Belt Honda. We will be happy to answer any questions that you might have and even help you start the process to driving off in a new car!